Radio and television have been more than 50 million of suspected executives bought 266 million assets

The 21st century Economic Report, Zheng Shanghai, said there was no free lunch, but there seemed to be people who enjoyed a lavish feast.　　A few days ago, Shanghai radio and Television Electric (Group) Co., Ltd. (hereinafter referred to as radio and television electric) actual control person, is this lucky.　　December 20 will be announced, will let the actual control of the radio and television Huaizhong alone to enjoy more than 5 billion yuan wealth feast.　　It is little known, however, that 10 years ago, executives such as Huaizhong had enjoyed a "free lunch" of up to 203 million yuan.　　203 million yuan into a headless asset will soon be landed in the board of Broadcasting and television, mainly engaged in high and low voltage equipment and components production and sales, the proposed public 105 million shares, total capital will reach 518 million shares. Industry insiders are expected, in accordance with the company 2009 0.52 yuan earnings per share, combined with the issue of 50 times times the distribution of P/E, radio and television electricity price of about 26 yuan/share. After the listing, the Shanghai southern suburbs of private enterprises, the market value will reach 13.5 billion yuan.　　Huaizhong's personal wealth will be increased to 5.478 billion yuan with 210.681 million shares held.　　However, the company's prospectus, which has a market capitalisation of tens of billions of dollars, has failed to articulate its origins.　　From the investment banking Department of the East Wu, the prospectus shows that the predecessor of the radio and Television Electric (Group) Co., Ltd. (hereinafter called Radio and Television Limited), and radio and Television limited predecessor of the Shanghai Radio and television Electrical Appliances Industrial Corporation (hereinafter referred to as radio and television industry). When introducing the original setting up of the broadcasting industry, the prospectus only mentions that the broadcasting industry was founded on February 2, 1993 with a registered capital of 21 million yuan.　　But it is not clear who funded the money.　　Sponsor organizations pointed out that the radio and television industry is based on the Fengxian planning committee made by the "Ministry of Accounting (92) No. 953" on the agreed to build "Shanghai radio and Television Electrical Industry Corporation" reply, and approved by the Fengxian County Industry and Commerce Bureau, but there is no information to show who is the specific investor.　　November 23, 1995, Fengxian state-funded CMC office issued the "asset confirmation book" to confirm the assets of the broadcasting industry is a county local assets, no state capital investment. "This formulation is clearly contradictory, either state assets or collective assets." Since there is no state capital investment, it should be recognized as collective assets, in short county local assets are not accurately expressed.　　"A senior partner at a well-known accounting firm in Nanjing told reporters.　　Radio and television industry was identified as "county local assets" after the fourth day, the Fengxian County government will be the investment subject of radio and television industry explicitly as "Fengxian Collective Asset Management committee."　　At the same time, the radio and television industry to all assets priced 63 million yuan investment, and increase the new investor staff holding will be 7 million yuan investment, restructuring and set up a radio and television limited. "Formally, the nature of the enterprise should be collective assets, but not legally recognized." "Moreover, the contribution of the collective Asset Management committee has not been saidClear。　　"In the view of the above professionals, the fuzzy treatment of the main body of the broadcasting and television industry has further caused the ambiguity of the limited investment subject."　　January 5, 1997, radio and Television limited two shareholders to increase the same proportion of the company registered capital to 200 million yuan, of which Fengxian Collective Asset Management Committee to contribute 180 million yuan;　　For the Fengxian Collective Asset Management Committee's 180 million Yuan capital contribution from, the sponsor organization still did not give the clear definition.　　July 28, 1999, radio and Television Limited after the evaluation of the total assets of 867.056 million yuan, the total liability of 570.7708 million yuan, net assets of 296.2852 million yuan.　　The ownership of the above net assets, Fengxian State-owned management office and Fengxian Collective Asset Management Office, on August 9, 1999 again to define.　　The two departments submitted to the Fengxian County government, "in the state-funded office (99) The word 18th" "on the Shanghai Radio and Television Electric (Group) Co., Ltd. in the restructuring of the net assets rights of the report, to confirm that radio and Television limited to the county belongs to the public assets of the right to return the　　In the year of October 11, the Fengxian County government "on the Shanghai Radio and Television Electric (Group) Co. "The concept of public assets is inaccurate, there is no public assets in the process of enterprise reform, only the difference between state-owned assets, collective assets, private and foreign capital."　　"Great Wall Securities and Acquisitions department general manager Yun Shongyu said."　　He believed that the broadcasting limited 63.8918 million yuan property ownership should be identified as the state-owned assets.　　But the strange thing is, minus the radio and Television limited 63.8918 million yuan of state-owned assets and 29.6285 million yuan of the staff holding of the assets held, still have 203 million yuan of net assets ownership has not been defined.　　And where does this huge, headless asset go?　　Huaizhong led 19 people divided from beginning to end have been unable to tell their own history of radio and Television Limited, April 2000 ushered in a major transition.　　April 5, after a funded of 7.2326 million yuan income tax CERs, radio and Television limited attribution to the "County is a public asset" property rights, was reduced to 56.6592 million yuan.　　Two weeks later April 18, the limited large shareholder Fengxian Public Asset Management Co., Ltd. made a decision, let this CERs purpose surface.　　The prospectus shows that the company is Fengxian state-owned assets and the capital operation of collective assets of the legal shareholder representative, solely responsible for Fengxian state-owned or collective assets management and disposal, and exercise shareholder rights.　　Finally, under the operation of Fengxian County public assets Operation Limited, 90% of the shares of radio and television are transferred to 56.6592 million yuan to 19 natural persons such as Huaizhong. At this point, radio and Television limited 200 million registered capital of 90% of the investment, and its corresponding total amount of up to 266 million yuan of net assets, was sold to 56.6592 million yuan to strict19 natural persons such as Huai Zhong.　　Among them, Huaizhong and his wife Chao Shuwen respectively obtained 92.7 million yuan and 32.4 million Yuan capital contribution amount, two people total obtains the radio and television limited 125.1 million Yuan capital contribution amount, occupies the total contribution amount 62.55%. This part of the corresponding contribution to the radio and Television limited net assets of up to 185 million yuan, but according to Huaizhong and Chao Shuwen corresponding contribution ratio, the two people to buy the shares only need to pay 39.37 million yuan.　　The remaining 17 people share the remaining $81.12 million at the cost of $17.28 million.　　Even so, the 19 natural persons did not pay an equity transfer of less than 60 million yuan until 2007.　　In the case of $266 million worth of assets sold only to $ more than 50 million, Yun Shongyu that the main asset of 203 million yuan is uncertain, so only a small portion of this asset can be recognized as a state-owned asset, and the whole block of assets can only be priced in the evaluation value of that part of the country. "Although the 203 million-dollar assets are divided by 19, it is hard to say who has encroached on their interests, because this part of the asset is not a good one."　　Said the accountancy firm Personage admits. Although from the form of view, 203 million yuan assets are very similar to collective assets, but Yun Shongyu that "the property rights of collective enterprises must be recognized by the relevant government departments before they can be identified, otherwise it can not be called collective enterprises." "The prospectus shows that from the radio and television industry to radio and Television Limited, the company has not been identified by the Government as a collective enterprise experience."　　The above 203 million yuan wealth thus became without the owner's assets, was obtained by 19 natural persons. "Perhaps it is the company's intention to circumvent the collective corporate identity, because once it is recognized as a collective enterprise, the sale is subject to Congress discussions, and it is impossible for company executives to get the fat for free."　　"The top of the accounting firm who did not want to be named guessed.　　Another interesting clue is that in the second half of 2009, radio and television has entered the IPO counseling period, the guidance agency was the international Securities of China and Europe, but later replaced by Soochow Securities. "If I were to be the sponsor of this company, I wouldn't do it," he said.　　A sponsor at a brokerage investment bank in central China told our correspondent. Let the above accounting firm's high-level interest is, the radio and television electronics executives only more than 50 million yuan to buy up to 266 million yuan of assets of the miracle, is how to escape the issuing committee members of the eyes.